C11 S3 Jackson and the Bank

1. C11 S3Jackson and the Bank • President Jackson attacked the Bank of the United States for many reasons. a. He especially disliked the wealthy Bank president, Nicholas Biddle. b. Jackson believed that the Bank was unconstitutional. • Supreme Court upheld the constitutionality of the Bank in McCulloch v. Maryland War against the Bank

2. The Bank played a large part in the election a. Most people supported Jackson’s veto of the Bank’s charter. • Jackson finally “killed” the bank by withdrawing government deposits and placing this money in smaller state banks. (Pet Banks) • In 1836 Jackson refused to sign a new charter and the Bank closed. The Election of 1832

3. The Panic of 1837 led to an economic depression; banks failed, land values dropped and business closed. • Van Buren believed in a laissez-faire, approach to the nation’s economy. • c. During the crisis, he persuaded Congress to start an independent federal treasury, to handle the government’s money. Panic of 1837

4. William Henry Harrison was the Whig candidate for president in 1840. a. He was a hero of the Battle of Tippecanoe. John Tyler was his running campaign slogan was “Tippecanoe and Tyler, too.” • John Tyler, was the first vice president to become president because the elected president died in office. The Whigs Take Power